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Andean Precious Metals Reports Increased Profitability & $ 11M of Free Cash Flow in the First Quarter Toronto , Ontario -- ( Newsfile Corp. - May 27 , 2021 ) - Andean Precious Metals Corp. ( TSXV : APM ) ( " Andean " or the " Company " ) , a precious metals production and exploration company , today reported its operational and financial results for the first quarter ended March 31 , 2021. All amounts are expressed in U.S. dollars unless indicated otherwise . Q1 2021 Highlights • Free cash flow ( 1,2 ) of $ 10.9 million , an increase of $ 9.8 million compared to Q1 2020 ; • Ending cash balance of $ 69.2 million , an increase of $ 59.6 million compared to March 31 , 2020 ; • Silver equivalent production ( 3 ) and sales of 1.5 million ounces at an all - in sustaining cost of $ 17.28 per ounce ; • Revenues of $ 38.3 million , an increase of 57 % compared to Q1 2020 ; • Adjusted EBITDA of $ 10.3 million , an increase of 58 % compared to Q1 2020 ; • Continued COVID - 19 protocols in place to protect the health and safety of employees during the pandemic , mitigating a material impact to operations . Luis da Silva , the Company's President and CEO , stated , " Our strong Q1 2021 results underscore the value of our San Bartolomé operations in a robust silver price environment . While earnings were impacted by one - time expenditures related to the RTO and the recognition of non - cash deferred taxes , the Company generated $ 11 million in free cash flowin Q1 2021 and strengthened its balance sheet - better positioning Andean to carry out our active 2021 growth agenda . We continue to review Bolivian opportunities together with COMIBOL and other mining cooperatives to add flexibility to our operations , while providing a community service to our partners . " Operational and Financial Results Financial Performance ( 4 ) Revenue Cost of sales Income from mine operations Net income ( loss ) Operating cash flow Free cash flow ( 1,2 ) Adjusted EBITDA ( 1 ) Ending cash and cash equivalents Capital expenditures Cash operating costs ( " COC " ) ( 1 ) All - in sustaining costs ( " AISC " ) ( 1 ) Q1 2021 38.3 Q1 2020 $ 24.4 24.6 $ 14.8 11.3 $ 9.6 ( 1.5 ) $ 2.5 11.6 $ 1.5 10.9 $ 1.1 10.3 $ 6.9 69.2 $ 9.6 0.2 $ 0.3 $ 15.90 $ 14.83 $ 17.28 $ 16.65 SA SASA LA LA LA SALA 6A ( 1 ) Free cash flow , Adjusted EBITDA , COC and AISC are measures of financial performance with no prescribed definition under IFRS . Please refer to the Company's Management Discussion and Analysis for the three months ended March 31 , 2021 and 2020 filed at www.sedar.com for a reconciliation of these items to the Company's financial statements . ( 2 ) Free cash flow is defined as operating cash flow less capital expenditures .